- Crypto stocks like Coinbase and Marathon tumbled as Bitcoin dropped over 13% to below $50k, first time since February.
Crypto stocks including Coinbase Global, Inc COIN, Marathon Digital Holdings, Inc MARA, Riot Platforms, Inc RIOT, CleanSpark, Inc CLSK, MicroStrategy Inc MSTR tumbled Monday amid a global market sell-off spurred by recession fears.
The price of Bitcoin BTC/USD sank more than 13% on Monday to $50,963.57, CNBC writes. At one point, it fell to $49,111.10, its lowest level and the first time under $50,000 since February.
Bitcoin has lost nearly 18% since Saturday. A week ago, on July 20, it climbed as high as $69,982.
Ethereum ETH/USD losses were even steeper. The crypto asset dropped 17% to $2,271.21, bringing its three-day loss to 24% and erasing its 2024 gain. Mining stocks suffered double-digit losses, too.
The moves follow a broader market sell-off that began last week. A weaker-than-anticipated July jobs report renewed investor fears of a recession, and the tech-heavy Nasdaq Composite entered a correction.
In addition to economic and geopolitical concerns, crypto investors have been contending with sell pressure from Mt. Gox distributions and decreasing odds of a second Donald Trump presidency in the U.S.
Bitcoin fell by 11% in the past 24 hours, and ether plunged by 21%, causing the total value of cryptocurrencies to drop by approximately $270 billion, according to CNBC.
Investors can gain exposure to crypto stocks through iShares Bitcoin Trust IBIT and ProShares Bitcoin Strategy ETF BITO.
